铜：库存减少，限制价格下跌

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Copper inventory reduction limits price decline [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Prices: The closing price of the Shanghai Copper main contract was 77,870 with a daily decline of 0.04%, and the night - session closing price was 77,90 with a decline of 0.10%. The LME Copper 3M electronic disk closed at 9,566 with a decline of 0.31% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper main contract was 73,407, a decrease of 3,135 from the previous day, and the open interest was 169,462, an increase of 8,455. The trading volume of the LME Copper 3M electronic disk was 14,383, a decrease of 1,445, and the open interest was 294,000, an increase of 4,065 [1]. - Futures Inventory: The Shanghai Copper inventory was 34,861, a decrease of 100. The LME Copper inventory was 154,300, a decrease of 7,850, and the注销仓单 ratio was 46.13%, a decrease of 0.96% [1]. - Spreads: Various spreads such as LME copper ascension - discount, spot - to - futures spreads, and inter - month spreads showed different changes compared to the previous day [1]. 2. Macro and Industry News - Macro: The Fed meeting minutes indicated that high uncertainty calls for cautious rate cuts, and almost all members mentioned inflation risks. Trump "released positive news" and Europe had "new ideas", but the possibility of reaching a good agreement remained small [1]. - Micro: In April 2025, China's copper product output was 2.081 million tons, a decline from March but a multi - year high for the same period. In March 2025, the global refined copper production was 2.5135 million tons, consumption was 2.493 million tons, with a supply surplus of 20,500 tons. Poland will lower its copper mining tax next year. The underground mining of the Kakula mine by Ivanhoe Mines was suspended, and the restoration work in the west area continued. In March, the global refined copper market had a supply surplus of 17,000 tons, down from 180,000 tons in February [1][3] 3. Trend Intensity - The copper trend intensity was 0, indicating a neutral stance [3]